RedotPay: Hong Kong payment platform raises $40 million for Revolution

RedotPay: Hong Kong payment platform raises $40 million for Revolution

In recent years, direct cryptocurrency payments have become increasingly popular in Asia and stablecoins have established themselves as a natural way of transacting for large economies. This trend is underscored by the recent announcement of Hong Kong-based crypto payments company RedotPay, which successfully closed a $40 million Series A funding round. The funding round was led by renowned investment firm Lightspeed, in partnership with other major investors such as HSG and Galaxy Ventures.

RedotPay aims to facilitate the use of cryptocurrencies in everyday purchases and simplify blockchain transactions to make them comparable to traditional fiat payments. In November 2023, the company launched its own physical Visa cards that allow users to withdraw cash from ATMs, as well as virtual cards compatible with digital payment services like Apple Pay and Google Pay.

Additionally, the platform expanded its blockchain integrations, adding support for Solana in December 2024 and Ethereum layer 2 Arbitrum in February 2025. It has partnered with StraitX and Visa as part of its plan to support retail crypto payments in Singapore. However, RedotPay appears to be facing some cross-border constraints, as visitors outside Hong Kong are warned of potential service availability issues when accessing its website.

The growth of crypto payments in Asia and the power of stablecoins

Asian markets are witnessing a growing interest in direct cryptocurrency payments. In November 2024, Singapore-based platform Crypto.com partnered with Triple-A to enable direct payments in cryptocurrencies, eliminating the need for conversion to fiat currency. In Hong Kong, however, RedotPay has to contend with competitors such as Infini, which also focuses on crypto payments using stablecoins. Despite recent problems, where Infini suffered a $50 million loss due to a USDC exploit, competition in the market remains strong.

Stablecoins offer a more stable option for payments compared to volatile cryptocurrencies such as Bitcoin (BTC) or Ether (ETH) as they are designed to maintain a value tied to fiat currencies. This aspect makes stablecoins attractive to users looking for reliable and consistent payment methods.

Japan, as Asia's second largest economy by gross domestic product, is also moving forward in the adoption of stablecoins. A recent report by Tokyo-based research and consulting firm Yuri Group suggests that the Japanese government sees the potential in stablecoins as a catalyst for unlocking domestic savings, which amount to a staggering $14 trillion.

Yuri Group highlights Progmat as a key player in the Japanese digital asset ecosystem. Backed by the nation's largest bank, Mitsubishi UFJ, Progmat operates under strict regulatory standards that require backing stablecoins at a 1:1 ratio, ensuring stability and confidence in digital assets.

Conclusion

RedotPay and other crypto payments companies in Asia show that the digitization of financial transactions is on the rise. With growing interest in stablecoins and direct cryptocurrency payments, these platforms are expected to play a key role in the future of the payments ecosystem in the region.

*This is not an investment recommendation.

Coingarage team